the cover of the egypt daily news website today proclaimed egypt's new pharaoh. a chip off the old mubarak block. and morsi, lincoln in deguise or another mubarak. and the stock market didn't think this was a good move either. it plunged 10%. stocks opened down today and barely moved up by the end of the day. so this new president in egypt in which the united states has placed so much hope, starting to look too much like the dictator he replad and is he the leader of an islamist government that will become more and more extreme, threatening america? on the phone with us tonight, the founder of egypt's freedom party and ed hussein joins me here. ed, i want to start with you. morsi was credited with brokering that cease fire between israel and hamas. it seems within hours, he swept away with all these powers, saying his word will ride over judges. was he taking advantage of his success? >> without doubt, he knew he had enough political capital to make this move and just before, he had signed a deal with the imf for a $4 billion loan program. he thought he had enoug